Aside from the fluctuations in Bitcoin price, as of the time this article was written, the real losses are being experienced by XRP Coin investors. With the theft of assets worth over one hundred million dollars, the price of XRP Coin has dropped to $0.485 after a long period.
Why Is XRP Coin Falling?
Blockchain detective ZachXBT announced a few minutes ago that 213 Million XRP were stolen from Ripple. The value of this theft is $112.5 million, and so far, the funds have been laundered through various centralized exchanges. Following the massive XRP Coin sales, investors, worried that more could follow, have caused the price to drop by more than 5% with panic sales in the past 20 minutes.
We had been discussing for a while that the price forecast for XRP Coin was not looking great this year due to both technical and fundamental outlooks. However, the trigger for the decline was the hacking incident, and since the nature of it has not yet been clearly revealed, the decline may continue. The ongoing lawsuit, the fading ETF excitement, the rapidly increasing massive circulating supply, and technical setups indicating a downturn are now compounded by hackers fighting against the interests of XRP Coin bulls.
